BeFull has successfully completed the first ever initial decentralized exchange offering (IDEO?) on EOSDAQ, the EOS native decentralized exchange.
The startup issued a total of 3,000,000 FPC tokens to over 6,000 investors — raising $135,000 in a world first. In all three phases of the IEO on EOSDAQ, all of the tokens were bought up within minutes.
BeFull is a social task app launched by BeFull Community and based on the EOS blockchain. Users complete tasks within the community to earn rewards, with the BeFull team hand-picking and promoting certain high quality projects in the ecosystem. To date, there are over 200,000 members who have joined the BeFull Community.
In a press release on Monday, CEO Vincent Cheung explained that the IEO served as a way to test if BeFull supporters were ready for future developments and exchange listings. He concluded:
“Thank you South Korea and the blockchain communities for supporting our project. I would like to thank my core team and also my community members who supported us in every step we take. I hear that there are many disappointed members who did not manage to grab any of our token during the Korea IEO. I have made a decision to do another IEO so that more members can benefit! Let’s do this together!”
Indeed, BeFull have announced that they will launch another ICO with the Singapore-based Biki Exchange on April 15 in order to address the significant market demand.
The Rise of the IEO
An increasing number of cryptocurrency exchanges have started to implement IEOs as an alternative to the ICO (initial coin offering). One of the first was Binance, who launched the Binance Launchpad platform in January 2019, with BitTorrent raising $7.2 million in less than 15 minutes of its launch.